有色金属行业周报：我国25年将实施更加积极的宏观政策，美联储12月降息预期加强

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals sector [2]. Core Views - The central economic work conference of 2024 emphasizes a stable yet progressive economic approach, aiming for high-quality development and deeper reforms, which is expected to boost domestic demand and innovation [4]. Summary by Sections Market Performance - The non-ferrous metals sector has shown a performance trend against the CSI 300 index, with a notable decline of 22% in the sector [3]. Precious Metals - Gold prices have increased, with the Shanghai Gold Exchange's Au9999 closing at 622 CNY per gram, reflecting a weekly change of 1.4% and an annual increase of 33.6% [39]. - COMEX gold futures closed at 2666 USD per ounce, with a weekly change of 0.4% [39]. Industrial Metals - Domestic metal prices are showing divergence, with SHFE copper prices rising by 0.1% while LME copper prices fell by 0.6% [52]. - SHFE aluminum prices increased by 0.2%, while LME aluminum prices rose by 0.5% [63]. - The average price of domestic alumina was 5769 CNY per ton, with a slight weekly increase of 0.57% [6]. Rare Earths and Tungsten - Prices for praseodymium and neodymium oxides have decreased, while tungsten concentrate prices remain stable [7]. Energy Metals - Lithium carbonate prices have declined, and there is a focus on the growth of energy metal demand [7]. Investment Recommendations - The report suggests a positive outlook for the non-ferrous metals sector, particularly in precious metals, which are expected to perform well during the Fed's rate-cutting cycle. Recommended stocks include Shandong Gold, Zijin Mining, and others in the aluminum and copper sectors [8].